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Nynas Annual Report 2019 the Year in Brief

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Nynas Annual Report 2019 the Year in Brief Brilliant ideas to make the most of every drop of oil Annual Report 2019 Contents The year in Brief ................................................ 3 Message from the CEO .................................... 4 This is how we do it ......................................... 6 Board of Directors’ Report ............................ 8 Sustainable Development report .............21 Corporate Governance ................................. 27 Board of Directors............................................ 32 Group Executive Committee ...................... 33 Multi-year overview ........................................ 34 Financial Statements ..................................... .35 Accounting policies ......................................... 45 Contents Notes ................................................. 52 Notes ...................................................................... 53 Assurance ............................................................ 99 Auditor’s report ..............................................100 Definitions and reconciliations of alternative performance measures ..... 102 The formal annual report comprises page 8 to 100. NYNAS ANNUAL REPORT 2019 THE YEAR IN BRIEF 2019 – a challenging year for Nynas › Net sales during the year amounted to SEK 16,841 › Following intensive research, Nynas launched the million (16,863). Sales volumes for Naphthenics non-mineral based NYTEX® BIO 6200 tyre oil in decreased by 2 per cent on 2018 actuals, mainly March. A product developed to help customers explained by impact of sanctions. Volumes across with their sustainability efforts. This was followed the Bitumen business 2019 were the same as last by the introduction of a fully recyclable bio-based year, despite supply constraints. transformer fluid, NYTRO® BIO 300X, which offers improved cooling compared to mineral oils and › Nynas recorded the best health and safety perfor- ester liquids. mance ever in the company. Improvements in this area has been in focus for many years and we are › In the spring there was a major planned mainte- proud of the result, especially in a year with great nance and inspection stop at the Nynäshamnn challenges. refinery. During six intense weeks approximately 20,000 activities were carried out. A very extensive › The US sanctions on the company’s shareholder, and demanding project with, at most, nearly a Venezuelan PDVSA, continued to have a detrimental thousand entrepreneurs on site as well as support- impact on the Nynas business. The pressure escalated ing experts from other Nynas refineries. in January when the US made it impossible for Nynas to make payments in USD. The situation › On May 12, 2020, the US Treasury Department’s deteriorated further in October when Nynas was Office of Foreign Asset Control (OFAC) announced prohibited from purchasing Venezuelan crude oil. that Nynas was no longer blocked pursuant to the Venezuela Sanctions Regulations. As a result of a › The effects from the sanctions led to the with- corporate restructuring of the ownership of Nynas drawal of bank financing at the end of the year, AB, sanctions were lifted and US persons and leaving Nynas with no other choice but to file for companies no longer required an authorisation company reorganisation at the District Court on from OFAC to engage in transactions or activities December 13. with Nynas AB. › Nynas continued to increase the amount of crude oil sourced outside of Venezuela. Nynas stopped all purchases of Venezuelan crude oil after being prohibited by US sanctions on October 17. UNDERLYING BUSINESS NET SALES AND OPERATING RESULT RESULT (ADJUSTED EBITDA)1 OPERATING CASH FLOW SEK million SEK million SEK million SEK million 18,000 1,500 1,400 500 15,000 1,000 1,200 0 12,000 500 1,000 -500 9,000 0 800 -1,000 6,000 -500 600 -1,500 3,000 -1,000 400 0 -1,500 200 -2,000 -2,000 0 -2,500 2015 2016 2017 2018 2019 2017 2018 2019 2017 2018 2019 Net sales Operating result 1) For definition please see Board of Directors’ Report page 10 3 NYNAS ANNUAL REPORT 2019 MESSAGE FROM THE PRESIDENT Reorganising for the future Nynas had another difficult year, with US sanc- of having to carry the unfair burden for a Swedish tions hitting us harder than ever. As we entered company of being subject to US sanctions. This long 2020, however, the situation was looking much period since August 2017 under sanctions has been more hopeful and in May the sanctions were a very challenging time, but now with sanctions lifted. finally lifted, we expect to successfully finalise the reorganisation. Nynas began 2019 with cost-cutting measures, including the restructuring of our Bitumen UK oper- While these processes have taken a great deal of ations, to make us more competitive in an increas- time and energy, the Nynas organisation still man- ingly challenging market. aged some tremendous achievements during 2019, including a number of exciting product launches. The market challenges have been compounded by US sanctions on the Venezuelan government and Notable achievements Nynas shareholder, Venezuelan state oil company Following intensive research, we launched the non- PDVSA. The sanctions continued to have the most mineral based NYTEX® BIO 6200 tyre oil in March detrimental impact on the business, with escalated 2019. It was the first product launch from our pressure in January 2019 from the US Treasury NYTEX bio-based range of tyre and rubber products Department’s Office of Foreign Asset Control that have been developed to help customers with (OFAC) to list PDVSA as a “Specially Designated their sustainability efforts. This was followed by National” (SDN). The situation deteriorated further in the introduction of our new fully recyclable bio- October. Our general license exempting us from the based transformer fluid, NYTRO® BIO 300X, which SDN listing was renewed, but Nynas was prohibited offers improved cooling compared to mineral oils from continuing to purchase Venezuelan crude oil. and ester liquids. Lifting sanctions and reorganisation Nynas received leading tyre manufacturer Pirelli’s best The increasing pressure from the sanctions led to supplier award, in recognition of our high quality and the withdrawal in December of our bank financing, service level. Nynas was one of nine suppliers selected leaving the Nynas board of directors with no other from a global list of more than 10,000 suppliers. choice but to file for company reorganisation at Sweden’s Södertörn District Court on December 13. Nynas also recorded the best health and safety performance ever in the company. We have been At the time of publishing this annual report, the focusing on improvements in this area for many reorganisation process is still underway. A decisive years and can be extremely proud of our safety cul- step was taken on May 12 when the US authorities ture, especially in a year when such challenges were announced that Nynas was no longer being blocked even greater than usual. pursuant to the Venezuela Sanctions Regulations. Having exited sanctions Nynas will be able to return In the spring we conducted a planned turn-around to normal trading conditions and secure long-term and major maintenance activity at our Nynäshamn financing. This also means an end to many years refinery that involved nearly 1,000 entrepreneurs on 4 NYNAS ANNUAL REPORT 2019 MESSAGE FROM THE PRESIDENT site as well as experts from other Nynas refineries. Approximately 20,000 activities were carried out during a six-week period to make the refinery safer and more efficient and environmentally friendly. Crude oil sourcing Due to the sanctions prohibiting Nynas to source Venezuelan crude oil, we intensified our efforts to switch our feedstock to other crudes. We are working intensely to make sure specifications and customer demands continue to be met and have invested in reconfiguring our refineries to adapt to the new feedstocks. While this is a costly and time-consuming process, we were able to achieve a great deal in a short time and with fewer invest- ments than originally anticipated. This achievement is thanks to the ingenuity of the Nynas organisation to find workable solutions. Despite having one of our toughest financial years ever, I believe the changes we are making today are moving us in the right direction. I thank the entire organisation for your efforts, support and energy in this difficult environment. I also thank our sup- pliers and customers for your continued confidence in Nynas. We sincerely appreciate your patience and loyalty and are working diligently to meet your demands with the high quality products and service you have come to expect from Nynas. BO ASKVIK President and CEO, acting 5 This is how we do it After 90 years in the market, Nynas is a leading international oil specialist in a number of segments. The focus on products with a long useful life, in many cases up to 40–50 years, differentiates the business from traditional oil companies. FROM CRUDE OIL TO CUSTOMER The crude is transported by The production process In the hydrogenation plants, The finished products are ship from various sources starts in the distillation tow- the various distillates are stored in tanks and delivered around the world to Nynas er. The crude is divided into treated with hydrogen to customers by road tankers refineries. different fractions. At the top under high pressure. Hydro- and ships. Bitumen, which of the tower two light frac- genation provides the oils does not travel well over tions are extracted – known with properties demanded long distances, is transported as
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